Corrections on the domestic stock market and the instability of international markets have left deep marks on the yields of mutual funds. Mutual and balanced funds made the heaviest losses of all.
Whereas in the first eleven months of last year the mutual funds, considered the industry's top performers, reported 17.3% average yields, on November 30, 2007, the average annualised yield of mutual funds was approximately half of that figure, 9.3% to be precise.
Balanced funds were equally "contaminated" by stock exchange adjustments, with the annualised yield in 2007 standing at 5.07%, compared with 10.2% in the first eleven months of last year.
"The entire capital market has been contaminated by stock exchange adjustments, regardless of whether they were funds with a maximum exposure to the stock market, or funds that invested in monetary instruments," says Daniel Stifter, managing director of EFG Mutual Funds Management.
Out of the last eleven months, November was the worst period as far as the mutual funds industry is concerned, when few funds managed to get a monthly yield above 0%.
"This was a slower year than 2006 for mutual funds. Out of the last eleven months, November was one of the hardest, due to the severe adjustments that affected the international markets and the entire investment fund industry as a result," explains Serban Nacsu, vice-president of Target Asset Management.
Mutual fund KD Maximus, managed by Slovenia's KD Investments is the industry's top performer, with a 21.8% fund unit yield in the last eleven months. Next comes mutual fund Omnivest (managed by SIRA), with an 18.3% fund unit yield since the beginning of the year. Last of the top three open-end investment funds is mutual fund Active Dinamic, which generated a 15.6% yield for its investors.
At the bottom end of the ranking are mutual funds Premio (m
